Heading into 2026, we see several key influences on companies operating in the life sciences across all major product and service categories, specifically drugs and biologics, devices and diagnostics, or AI-enabled life sciences services and support functions. We have categorized these driving factors into 8 categories below, addressing considerations that range from early product lifecycle (e.g., coverage and payment) to research and development (e.g., manufacturing and supply chain, pathways to market) to post-market (e.g., enforcement trends). We also include our thoughts on the impact of the shifts in FDA leadership and various priorities being promoted by the current Administration. You can click through each of these topics to see how they intersect with each product category using the icons below. We look forward to connecting to discuss these observations further and how they may impact potential opportunities for life sciences investments this year.